The tussle over the future shape of the derivatives market got nasty yesterday as a big investor accused some dealers of acting like oligopolists, interested in supporting only the centralised clearing options in which they own a stake.
The escalating tensions - revealed in an e-mail from hedge fund BlueMountain to dealers - come as dealers and investors today deliver a letter to the Federal Reserve Bank of New York and other regulators aimed at appeasing concerns over the risks in the vast over-the-counter derivatives market, which includes $27,000bn of credit derivatives.
